In this episode of The Private Equity Podcast, Alex Rawlings speaks with Paul Golden, an experienced CEO, private equity investor, and operating partner with nine private equity-backed exits and more than 20 add-on acquisitions.

Paul shares lessons from operating, investing, and leading PE-backed businesses, including why speed matters when building the right leadership team, how to identify strong executives, and what separates successful acquisitions from deals that destroy value.

The conversation explores the danger of “deal fever,” the importance of knowing when to walk away from an acquisition, and why delighted customers, strong management teams, and clear growth pathways are critical indicators of a quality investment.

Paul also explains the challenges of changing deeply embedded founder-led cultures, how to approach add-on acquisition integration, and the practical actions that helped generate more than $150 million in free cash flow in one manufacturing business.

Finally, Paul discusses why PE-backed executives need the confidence to make mistakes, take ownership, and communicate openly with their boards.

Key Highlights

00:00 – Paul Golden’s Background
From senior public-company leadership to private equity investing, operating partner roles, CEO positions, and nine PE-backed exits.

01:29 – The Biggest PE Leadership Mistake
Why private equity firms need to make faster decisions about whether the right management team is in place.

03:21 – Identifying the Right Executives
The importance of leaders who are confident enough to be challenged by their teams and boards.

04:44 – What Paul Looks for in Executive Interviews
Why candidates who openly discuss mistakes, take responsibility, and explain what they learned often make stronger leaders.

07:05 – The Hardest CEO Decisions
Why firing customers or exiting customer segments can sometimes be harder than changing the management team.

08:28 – What Drives Successful PE Exits
Delighted customers, strong management, and clear opportunities for growth.

11:14 – Lessons From Exit One to Exit Nine
Avoiding deal fever, strengthening diligence, and making critical decisions faster during the first 18–24 months.

14:26 – Changing Founder-Led Cultures
The challenges of accelerating decision-making in businesses shaped by the same founder for decades.

17:28 – Who Stays and Who Goes Post-Acquisition
How to identify advocates for change, potential resistors, and leadership team members who can adapt.

20:55 – Lessons From 20+ Add-On Acquisitions
Why cultural fit becomes increasingly important as the size of an add-on grows.

24:41 – Generating $150M+ in Free Cash Flow
Using lean principles, customer value, SKU rationalisation, inventory reduction, and process improvement to unlock cash.

29:56 – The Essential Skill for PE-Backed CXOs
Having the confidence to make decisions, admit mistakes, own the outcome, and explain what comes next.

31:53 – Leadership Frameworks That Shaped Paul
Lean Thinking, the Danaher Business System, Good to Great, and Michael Porter’s Five Forces.

34:55 – Connecting With Paul
Paul shares how listeners can reach him after the episode.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection www.raw-selection.com

9 PE-Backed Exits and 20+ Add-on Acquisitions: What Winning Private Equity CEOs Get Right

The Private Equity Podcast, by Raw Selection

9 PE-Backed Exits and 20+ Add-on Acquisitions: What Winning Private Equity CEOs Get Right